ONE ALAMO CENTER
San Antonio, TX
One Alamo Center is a 170,000 square foot, eight (8) story office building in the Central Business District of San Antonio Texas and was acquired in March 2000
for $8,600,000. The property was 70% occupied and required extensive capital improvements, including a new main lobby, common corridors, bathrooms, a fire alarm
system, and new chiller units.
One Alamo Center's prestigious tenants consist of government, legal, technology and banking firms. Major tenants include Wells Fargo Bank, Fidelity Integrated Financial
Solutions and The U.S. Government Housing and Urban Development offices. The building was sold for $17,000,000 in the second quarter of 2005.
THE WOODLANDS OFFICE PARK
Hauppauge, NY
In September 2001, The Woodlands Office Park was purchased for $11,150,000. The Woodlands consists of 130,000 SF of suburban office space, and is situated upon 7.5 acres encompassing three distinct buildings. The property is centrally located in Hauppauge, New York.
After purchasing the property on an all cash basis, MRA secured five (5) year, LIBOR-based acquisition financing in the amount of $8,500,000 from Nationwide Life Insurance Company.
Upon its acquisition, the Woodlands Office Park was 76% occupied, with approximately 28 tenants. After an extensive $2.4 million capital improvement program
including new lobbies, bathrooms, common areas and mechanical systems were completed by MRA, the building's occupancy increased to 97% over a 17 - month period.
The tenant base grew to over 40 tenants occupying an average suite size of 3,200 SF.
The property was sold 17 months after purchase for $17,600,000, delivering a pre-promote return to the equity of over 70%.